(1) The Registrar may accept for registration particulars of a charge submitted later than the time specified in section 25 on satisfaction that

(a) the failure to register particulars of the charge within the specified time shall not prejudice the position of creditors or shareholders of the borrower, or

(b) it is just and equitable to allow the registration on terms that the Registrar considers just and expedient to extend the time for registration.

(2) The extension of time for registration of charge

(a) shall not, unless otherwise decided by a court adversely affect the right of a person who, prior to the date of actual registration of particulars of the charge, may have acquired proprietary rights in, or a fixed or floating charge on, the property subject to the charge, and

(b) is of no effect against a liquidator, official trustee, and creditors of the borrower, if insolvency or winding-up proceedings that affect the borrower commences before the date of actual registration of the charge.